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Related Experiment Videos

Structured settlement annuities, part 1: overview and the underwriting process.

C J Schmidt1, R B Singer

  • 1Safeco Life and Investments, Seattle, WA 98124-1690, USA.

Journal of Insurance Medicine (New York, N.Y.)
|May 26, 2005
PubMed
Summary

Structured settlement underwriting assesses medically impaired individuals for annuity funding. It differs significantly from traditional life insurance due to limited actuarial data and the need for forward-looking risk assessment.

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Area of Science:

  • Medical Underwriting
  • Financial Annuities
  • Risk Assessment

Background:

  • Structured settlement (SS) underwriting involves assessing medically impaired individuals for annuity funding.
  • It differs from traditional life insurance underwriting, particularly in risk assessment and data availability.

Purpose of the Study:

  • To establish a foundational understanding of the structured settlement business.
  • To contrast SS underwriting with traditional life insurance underwriting practices.

Main Methods:

  • Comparative analysis of underwriting principles.
  • Review of risk assessment methodologies in SS and traditional life insurance.

Main Results:

  • SS underwriting focuses on medically impaired lives, unlike traditional insurance.

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  • Key differences include limited actuarial data and the necessity for prospective risk evaluation in SS.

    • Conclusions:

    • SS underwriting presents unique challenges and methodologies compared to traditional life insurance.
    • Understanding these distinctions is crucial for professionals in the field.